> Going through monetary history, we show how a true numeraire must be one of minimum variance with respect to an arbitrary basket of goods and services This i

> Going through monetary history, we show how a true numeraire must be one of minimum variance with respect to an arbitrary basket of goods and services This isn't true. In the 14th century, for example, someone would find a silver mine, get the blessing of the king and start making money. Money wasn't connected in any way to "an arbitrary basket of goods and services." If Taleb rejects silver coins as a 'true' numeraire then he's just arguing a definition.